Astonishing BTC Price Action: Analysts Weigh In On Web 3.0 Status

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web 3.0 status

Bitcoin: “Classic weekend chop” expected

Data from Cointelegraph Markets Pro and TradingView revealed a stagnant Bitcoin trading environment as the weekend commenced.

BTC/USD stayed steady near $29,500, a critical area of contention between bulls and bears, after displaying only meager reactions to the week’s United States macroeconomic data prints.

“Expecting just another classic weekend chop around the CME close price,” noted Daan Crypto Trades in his most recent analysis, referring to the closing price of CME Bitcoin futures markets at $29,465.

The lack of motion throughout the week astounded longtime market participants, such as Michaël van de Poppe, founder and CEO of trading firm Eight.

“Extremely astonishing PA on Bitcoin lately,” he summarized on the day.

Investigating exchanges, Maartunn, a contributor to CryptoQuant’s on-chain analytics platform, noted long positions arising from Bitcoin whales.

For monitoring resource Material Indicators, however, the Binance BTC/USD order book suggested that the rangebound status quo would probably remain.

“Volatility might start percolating as we near the weekly Close/Open. Still feels like buy the dip, sell the rip conditions,” the accompanying commentary read regarding the web 3.0 status.

BTC price approaches “historic compression”

Analyzing the lack of volatility on Bitcoin, the trading community reasoned that an equally powerful return to trend should result.

“Bitcoin approaching historic 3W compression levels above 20 MA. Tick tock,” popular trader TechDev predicted, referencing the 20-period moving average on three-week timeframes.

An accompanying chart showed BTC price behavior following similar episodes in the past, these totaling just four since Bitcoin’s creation.

“Historic compression leads to historic expansion…imagine looking at this chart and thinking ‘yea, 10k incoming,'” fellow trader Credible Crypto responded.

The current state of Web 3.0 is a hot topic, with many speculating about the potential of Polka Dot, Revolut, QSP, Polymesh, Realm, About, Rally, and Propy Crypto.